Market Update – Autumn 2018
The local housing market has held up well over 2018 despite the uncertainty of Brexit, increasing taxes on buy-to-let landlords and negative media press. Local house prices have only dropped by some 4% over the year which compared to other parts of London is good proving that NW2 and NW10 are still sought after and affordable areas. There was a similar reduction in house prices during 2017 and I guess this will be the case in 2019 unless official Brexit or some other mechanism implemented by the government changes the position. Having said that the market was stronger in the earlier part of 2018 with reasonable buyer demand, however since the summer buyer demand has dropped off mainly due to the uncertainties surrounding Brexit.
Demand from buy-to-let buyers has continued to fall over 2018 due to the various taxes imposed on landlords and as a result of additional Brent Council Licencing fees which most properties to let in Brent now require causing further expense for landlords. If you are a landlord in Brent and have a property you are letting and you do not have a licence already you are advised to go on the Brent Council portal and type in your property address to see whether you require a mandatory licence or not.
The first time buyer market (under £500,000) has remained buoyant with many sales being achieved in this category, although some houses over £600,000 have struggled to find a purchaser and these vendors will need to be realistic before declining offers they receive for their properties as we go in to 2019 as a ‘bird in the hand is worth 20 in the bush’ in the current market. The lettings market has also slowed up during 2018 with a reduced number of tenants coming from EU countries and many landlords are hanging on to the tenants they have already which has also caused a shortage of properties to let so we have found new lettings are down over 2018 although renewals have increased and we think this trend will continue through 2019 until Brexit has been resolved.
Unfortunately, markets do not like uncertainty and the continued uncertainty in the economy due mainly to Brexit is causing a problem for the housing market and we hope this will ease after Brexit is finalised. My Sales & Lettings teams have been working tirelessly throughout 2018 to achieve results for our landlords and sellers and if you click on the “sold properties” search bar on our website you will be able to see a selection of properties we have sold throughout 2018.
If you have a property you wish to sell or let in NW2, NW10 or NW9 please do not hesitate to get in contact with me on 0208 450 1633 so that I may arrange a mutually convenient time to meet with you, to discuss your requirements and provide you with a free market valuation.
I look forward to hearing from you.
JOHN S HOOPER, FNAEA
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